Bears Become an Endangered Species

They're back. After eschewing stocks while their prices more than doubled from their March 2009 lows, individual investors are piling into equity mutual funds at a breakneck pace -- now that the major averages have climbed back within a few percent of their records.

What's more, the nonfinancial media has taken note. "As Worries Ebb, Small Investors Propel Markets," was the headline of the lead story on page one of...